UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 29, 2002
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PANACO, INC.
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(Exact Name of Registrant as Specified in Charter)
Delaware 000-26662 43-1593374
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(State or Other Jurisdiction Commission File Number) (IRS Employer
of Incorporation) Identification No.)
1100 Louisiana, Suite 5100, Houston, Texas 77002
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (713) 970-3100
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Item 5. Other Events and Required FD Disclosure.
On December 18, 2002, Panaco, Inc. issued the press release attached
hereto as Exhibit 99.1. Such press release is incorporated by reference into
this current report on Form 8-K.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
99.1. Press Release
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: December 18, 2002
PANACO, INC.
By: /s/ A. Theodore Stautberg, Jr.
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A. Theodore Stautberg, Jr.
President and Chief Executive Officer
Exhibit 99.1
PANACO, Inc. Discusses AMEX Notification
Houston, TX, December 18, 2002 - PANACO, Inc. (the "Company") (AMEX:PNO), an oil
and gas exploration and production company, announced today that it has
responded to a notification from the American Stock Exchange regarding certain
AMEX listing standards. The AMEX correspondence states that the Company is not
currently in compliance with these standards and further provides for procedures
permitting the Company to propose a plan of compliance. In its response to the
AMEX, the Company cited, among other things, the uncertainties associated with
the Company's pending Chapter 11 proceedings, noting specifically its ongoing
efforts to develop and file a plan of reorganization and its current financial
circumstances. Based on these and other factors cited by the Company to the
AMEX, the Company's Board of Directors concluded that the Company should not, at
this time, submit a plan of compliance to the AMEX. The Company is aware that it
may now be subject to AMEX delisting procedures.
PANACO, Inc. is an independent oil and gas exploration and production Company
focused primarily on the Gulf of Mexico and the Gulf Coast Region. The Company
acquires producing properties with a view toward further exploitation and
development, capitalizing on state-of-the-art 3-D seismic and advanced
directional drilling technology to recover reserves that were bypassed or
previously overlooked. Emphasis is also placed on pipeline and other
infrastructure to provide transportation, processing and tieback services to
neighboring operators. PANACO's strategy is to systematically grow reserves,
production, cash flow and earnings through acquisitions and mergers,
exploitation and development of acquired properties, marketing of existing
infrastructure, and a selective exploration program.
Forward-looking statements in this press release are intended to be subject to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that all forward-looking statements involve risks
and uncertainties, including drilling risks, uncertainties in estimating
reserves, risks inherent in oil and gas operations, volatility in oil and gas
prices, the Company's ability to successfully negotiate a restructuring of its
debt with its creditors, the ability of the Company to successfully emerge from
bankruptcy, the ability of the Company to operate successfully during the
reorganization proceeding, and other risks and uncertainties set forth in
greater detail in the 2001 PANACO Annual Report on Form 10-K. No assurances can
be given that actual results will not differ materially from those contained in
such forward-looking statements. Forward-looking statements are made as of the
date hereof and PANACO undertakes no obligation to update or revise such
statements in the event of later changes.